How to Replace Lost Income During Period of Illness?

Make simple steps and one wise move to replace your income in times of illness or redundancy

. You need not worry about your future income in case you were to lose your job if you follow the below.

It is easy yet a very wise plan to get your self covered under income protection plan!

Statistics has revealed that post recession, more and more people are resorting to insurance cover to protect their future earnings. With recession that hit badly in the year 2009, people are becoming more pragmatic in protecting their earnings and getting themselves an insurance cover.

The probability of people falling ill is higher than the probability of dieing at a younger age. Hence, this income coverage is required rather than a life insurance now. Get more practical with time. Your chance of suffering from serious illness is higher. This may stop you from going to work as you may be bed ridden. Protecting your salary is thus indispensable than a life insurance.

There are more benefits associated with such a cover. It not only provides substitute salary when you are unable to go to work due to sickness, redundancy, accident or loss of job but also helps you save on tax. You can enjoy tax exemption to some extent if you have an insurance coverage. You as a policy holder are eligible for an income over a period of 20 years. You need not worry for another 20 years if you were to lose your job and have a protection cover against any loss of earnings.

This will help you pay your medical bills; cover your electricity bills, mobile bills, your kids educational fees etc. You can take care of your mortgage payments too and keep your payments on time.

Insurers are usually prepared to offer customers a discount if they are prepared to undertake any paid employment after a period of disability, as opposed to the customer having to be able to carry on the specific occupation they were engaged in immediately prior to the disability.

The insurance company will pay you the benefit you have selected so that you can make your monthly mortgage repayments for a fixed period of time. Benefits are usually payable for up to one year. MPPI can provide worthwhile cover against unexpected changes in your personal circumstances. You will need to have medical confirmation regarding the condition you are suffering with, and that you are unable to work due to the condition or injury and this then results in you having a loss of earnings.

How to Replace Lost Income During Period of Illness?

By: Vijay Koragappa Shetty

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